Plazacorp announces regular quarterly dividend

    FREDERICTON, April 1 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX
Venture) announced today that its Board of Directors has declared its regular
quarterly cash dividend of $0.04625 per common share to be paid on May 15,
2009 to all common shareholders of record on April 15, 2009.
    The Corporation intends to make an election under subsection 131(1) of
the Income Tax Act (Canada) deeming the full amount of the dividend to be a
capital gains dividend, payable out of the Corporation's capital gain dividend
account.

    Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip
plazas throughout the Atlantic Provinces, Quebec and Ontario. Plazacorp, as at
April 1, 2009 now owns interests in 97 properties comprising 4.3 million
square feet of retail real estate.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.
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